2014 (12) TMI 1019

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.... the Assessment Year 1990-91. The assessment was taken under scrutiny and the Assessment Officer vide its order, determined the total income of assessee as mentioned in its order and initiated charge interest accordingly. Against this order, the assessee filed appeal before the CIT(A). The CIT(A) vide its order dated 17.11.1992, allowed the appeal of the assessee. Against the said order, the revenue has filed an appeal before the Income tax Appellate Tribunal being ITA No.1409, 290 & 291/Ahd/1993 and the Tribunal has dismissed the said appeal vide order dated 21.11.2000 preferred by the Revenue. 3. While admitting Tax Appeal No.130/2001, following substantial question of law arose for the determination of this Hon'ble Court; &nbsp....

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....r Section 143(3) as reduced by the amount of tax deducted or collected at source. Thus, there is no exclusion of Section 115J/115JA in the levy of interest under Section 234B. The expression "assessed tax" is defined to mean the tax assessed on regular assessment which means the tax determined on the application of Section 115J/115JA in the regular assessment." 5. Relying on the above said decision of Hon'ble Apex Court, where the issue of deletion of interest leviable under Section 234B and 234C of the Act, the Division Bench of this Court in the case of M/s Riddhi Siddhi Gluco Boils Ltd. Versus Assistant Commissioner of Income Tax, Circle-5 has held as under:     "1. The assessee has challenged the order of Income....

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....x under Section 208 and the expression "assessed tax" is defined to mean the tax on the total income determined under Section 143(1) or under Section 143(3) as reduced by the amount of tax deducted or collected at source. Thus, there is no exclusion of Section 115J/115JA in the levy of interest under Section 234B. The expression "assessed tax" is defined to mean the tax assessed on regular assessment which means the tax determined on the application of Section 115J/115JA in the regular assessment."           3. Tax Appeal since raises no other question of law, same requires no further consideration. Tax Appeal is dismissed. 6. The said issue is also covered by the decision of Hon'ble Pu....

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....ince after claiming brought forward losses of Rs. 10,23,33,050/-, the taxable income worked out to be less than 30% of the book profit, the assessee filed its return of income at Rs. 2,23,69,890/- by applying the provisions of Section 115JA of the Act. The return was processed under Section 143(1)(a) of the Act on 31.05.1999. While processing the return, the Assessing Officer vide order dated 14.11.2000, Annexure A.3, made an adjustment to the returned income for an amount of Rs. 5,80,579/- being the capital expenditure debited to profit and loss account and additional tax of Rs. 40,640/- was levied on the same and also interest under Sections 234B and 234C of the Act amounting to Rs. 12,50,250/- and Rs. 5,91,911/respectively was charged. F....